SIASUN(SZ:300024) Nan Fang Du Shi Bao·2025-06-17 03:50Core Viewpoint - Beijing Jiuzhijia Technology Co., Ltd. (Jiuzhijia) is planning to issue up to 226,080,000 overseas listed ordinary shares and convert 846,074,883 domestic unlisted shares into overseas listed shares for listing on the Hong Kong Stock Exchange, aiming to expand its global business and attract foreign investment [2][3]. Group 1: Company Overview - Jiuzhijia, established in 2015, specializes in intelligent warehousing logistics and robotics technology, offering a full range of logistics robot systems [3]. - The company has delivered approximately 46,000 Autonomous Mobile Robots (AMRs) to around 40 countries and regions, partnering with over 300 global clients including Nike, Decathlon, Walmart, Toyota, and Siemens [3][4]. - As of June 30, 2024, revenue from markets outside mainland China accounted for over 70% of total revenue, significantly higher than the average of 17% for domestic peers [5]. Group 2: Market Position and Growth - Jiuzhijia holds a 6.0% market share in the global AMR solutions market, ranking first among providers, and has maintained this leading position for five consecutive years [4][6]. - The global AMR solutions market is projected to grow to RMB 172.5 billion by 2028, with penetration rates expected to rise from 7.7% in 2023 to 20.7% by 2028 [4]. Group 3: Financial Performance - Jiuzhijia's revenue from AMR solutions has shown significant growth, with order volumes increasing from RMB 15.9 billion in 2021 to RMB 26.94 billion in 2023, reflecting a compound annual growth rate of 64.7% [6][8]. - Despite substantial investments in R&D and marketing, Jiuzhijia reported cumulative losses of approximately RMB 4.294 billion over three and a half years, with operating losses of RMB 7.8 billion, RMB 8.05 billion, and RMB 4.76 billion from 2021 to 2023 [8][9]. Group 4: Strategic Focus - The company emphasizes the need for flexibility and innovation in response to increasing competition in the logistics robotics market, which includes both established international firms and dynamic local enterprises [9].